Illinois SB 2476: EXTEND DRIVER'S LICENSE TERM

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB2476

Introduced 2/7/2025, by Sen. Mattie Hunter 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/246 new

 Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 20% of the qualified conversion expenditures incurred by a taxpayer for a qualified converted building. Effective immediately.

LRB104 07187 HLH 17224 b

A BILL FOR

SB2476LRB104 07187 HLH 17224 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5adding Section 246 as follows:

6 (35 ILCS 5/246 new)

7 Sec. 246. Revitalizing Illinois Downtowns Tax Credit.

8 (a) For taxable years beginning on or after January 1, 

92026, a taxpayer may apply to the Department, in the form and 

10manner required by the Department, for a credit against the 

11taxes imposed under subsections (a) and (b) of Section 201 of 

12this Act. The amount of the credit shall be equal to 20% of the 

13qualified conversion expenditures incurred by the qualified 

14taxpayer during the taxable year with respect to a qualified 

15converted building. If the qualified conversion expenditures 

16include construction work, then that construction work must be 

17subject to a project labor agreement. In no event shall the 

18amount of the credit exceed $15,000 per taxpayer in a single 

19tax year; however, if the qualified conversion plan spans 

20multiple years, the aggregate credit for the entire project 

21may be claimed in the last taxable year so long as the total 

22credit amount for the entire project does not exceed $15,000 

23per year for each year of the project. The total aggregate 

SB2476